diff --git a/cmd/builder/internal/builder/config.go b/cmd/builder/internal/builder/config.go
index ee2a47b19ac..2cac5e4bf85 100644
--- a/cmd/builder/internal/builder/config.go
+++ b/cmd/builder/internal/builder/config.go
@@ -25,7 +25,7 @@ import (
 	"go.uber.org/zap"
 )
 
-const defaultOtelColVersion = "0.53.0"
+const defaultOtelColVersion = "0.54.0"
 
 // ErrInvalidGoMod indicates an invalid gomod
 var ErrInvalidGoMod = errors.New("invalid gomod specification for module")
diff --git a/cmd/otelcorecol/builder-config.yaml b/cmd/otelcorecol/builder-config.yaml
index 3cecccca32c..eeecb87bb75 100644
--- a/cmd/otelcorecol/builder-config.yaml
+++ b/cmd/otelcorecol/builder-config.yaml
@@ -2,29 +2,29 @@ dist:
   module: go.opentelemetry.io/collector/cmd/otelcorecol
   name: otelcorecol
   description: Local OpenTelemetry Collector binary, testing only.
-  version: 0.53.0-dev
-  otelcol_version: 0.53.0
+  version: 0.54.0-dev
+  otelcol_version: 0.54.0
 
 receivers:
   - import: go.opentelemetry.io/collector/receiver/otlpreceiver
-    gomod: go.opentelemetry.io/collector v0.53.0
+    gomod: go.opentelemetry.io/collector v0.54.0
 exporters:
   - import: go.opentelemetry.io/collector/exporter/loggingexporter
-    gomod: go.opentelemetry.io/collector v0.53.0
+    gomod: go.opentelemetry.io/collector v0.54.0
   - import: go.opentelemetry.io/collector/exporter/otlpexporter
-    gomod: go.opentelemetry.io/collector v0.53.0
+    gomod: go.opentelemetry.io/collector v0.54.0
   - import: go.opentelemetry.io/collector/exporter/otlphttpexporter
-    gomod: go.opentelemetry.io/collector v0.53.0
+    gomod: go.opentelemetry.io/collector v0.54.0
 extensions:
   - import: go.opentelemetry.io/collector/extension/ballastextension
-    gomod: go.opentelemetry.io/collector v0.53.0
+    gomod: go.opentelemetry.io/collector v0.54.0
   - import: go.opentelemetry.io/collector/extension/zpagesextension
-    gomod: go.opentelemetry.io/collector v0.53.0
+    gomod: go.opentelemetry.io/collector v0.54.0
 processors:
   - import: go.opentelemetry.io/collector/processor/batchprocessor
-    gomod: go.opentelemetry.io/collector v0.53.0
+    gomod: go.opentelemetry.io/collector v0.54.0
   - import: go.opentelemetry.io/collector/processor/memorylimiterprocessor
-    gomod: go.opentelemetry.io/collector v0.53.0
+    gomod: go.opentelemetry.io/collector v0.54.0
 
 replaces:
   - go.opentelemetry.io/collector => ../../
diff --git a/examples/k8s/otel-config.yaml b/examples/k8s/otel-config.yaml
index 245e70bf8e5..92836475b3e 100644
--- a/examples/k8s/otel-config.yaml
+++ b/examples/k8s/otel-config.yaml
@@ -66,7 +66,7 @@ spec:
       - command:
           - "/otelcol"
           - "--config=/conf/otel-agent-config.yaml"
-        image: otel/opentelemetry-collector:0.53.0
+        image: otel/opentelemetry-collector:0.54.0
         name: otel-agent
         resources:
           limits:
@@ -177,7 +177,7 @@ spec:
       - command:
           - "/otelcol"
           - "--config=/conf/otel-collector-config.yaml"
-        image: otel/opentelemetry-collector:0.53.0
+        image: otel/opentelemetry-collector:0.54.0
         name: otel-collector
         resources:
           limits: